Purchased for $1.8M in 2008, and then literally abandoned, the Regency went back to the bank in March. Nevada State Bank never really marketed the property, and quickly sold it to an Arizona fund for $425,000 even though they knew we had a more competitive offer in the works. So the property will probably be repositioned as another weekly motel and continue to drag down the neighborhood.

What could have been? My plan was to combine the 55 units to about 25, add a “crystal cube” living room under the canopy for each unit along with private garden spaces, a dog park for the residents shared with a retail coffee shop in the admin building. HERE is the preliminary site plan, and HERE is what I thought we could do to the existing units to make them relevant in today’s market.

I hope someone with a vision for the West Powning neighborhood ultimately ends up with this property. If you haven’t been down there lately, you will not believe how far the area has already morphed, and the cool artist community that is taking root on Dickerson. If I seem a little bitter, it is because I REALLY would have enjoyed producing this project and believe NSB hosed my team (and their stockholders) with an insider deal that will end up being a lowest common denominator Hobotel. Get on this one, you historic preservation types!

Another one that got away was 7655 Town Square in Somersett. Anyone interested in what could have been?

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11 thoughts on “The Mirador – One That Got Away”

Time was you could take the street car out to there. (Not really, but the street car tracks remain under the street). And the center anchor for the planned street car extension to Laughton’s Resort west of town remains in the Truckee near the old Mirador.. Good post! Many thanks..

Do you have any idea what kind of cash cows these weekly motels are? Your average weekly resident does not pay with a platinum AMEX card. It’s strictly cash.Every one of these 4th Street weekly joints has two sets of books. One for the city and the taxing authorities. And then the real one.

Yum, I would rent/buy a unit like that. We midlife hippeoisie are going to need unusual abodes as we (gracefully) age. That would be awesome to brag about to my young whippersnapper co-workers: Guess where I live?

Thanks for the informative post. I literally just toured the property and then checked in on your blog to see this. Serendipitous. I like the description of your ideas, but from what I saw, without the addition of a significant amount of plumbing and mechanical infrastructure, I fear that the land play may be the only one that pencils out on this one. But I would love to chat more in detail with you at some point. I would be more than happy to opine on my thoughts about how NSB is “handling” their disposition strategy or “working out” anything distressed on their books.

A note for the old-time readers. Diane continues to valiantly struggle with the cognitive dissonance of selling high end vacation homes ($650K teardowns and $2.125M “solid value”) while preaching the imminent demise of American capitalism, all within the same blog.http://dianecohn.com/sothebys-as-your-window-to-the-nouveau-riche/
I suppose F. Scott Fitzgerald would be proud.
“The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function.”

Geo,
You don’t understand. Ms. Cohn’s reasoning is that when the world economy collapses, only assets with inherent value, like gold and Incline Village real estate, will be worth anything and thus have barter value. Hence, when we are all out in our camo gear hunting for food, those amongst us with gold, tons of food products stored away in the basement, or Incline Village lakeviews, will be at a distinct advantage. Have you never considered how many chickens and pigs one could acquire in barter in exchange for an Incline Village lakeview condo? Don’t laugh, Geo, you and all the other lemmings who blindly put faith in your fiat currency holdings will not laugh last.

Tom,
I’m convinced by your arguments and by my abiding fear that my fellow men are all as selfish as I secretly worry myself to be. I’m emptying my 401K and putting it all into viking ranges, jetted tubs, faux-terra cotta sponge painting and Roomba-mounted assault weapons to defend them. I pity the sheeple whose faith in humanity and civil society will leave them at the mercy of their fellow men. My own dark imagination tells me everything I need to know about how that story turns out. I think all of use who know how to follow the stock market see the impending Mexican Communist zombie invasion coming.

Having lived 2 blocks from that eyesore for 7 years (I just moved to a newer area last year) and having had the misfortune of actually seeing the insides, I think the best thing for it is a few bulldozers after the asbestos abatement. Previous owners took what was once a nice place and milked it until it was dry while running it into the ground. It is a run down pest infested , crime filled, fire trap.